In this episode of The Norris Group Real Estate Podcast, Joey Romero is joined by Craig Evans, CEO of The Norris Group, and Douglas Brooke Homes for an in-depth discussion on the upcoming Florida Bootcamp and the current state of the Florida real estate market. The conversation covers key macro trends driving migration into Florida, including domestic vs. international population shifts, the long-term outlook for housing demand, and how rising interest rates and insurance changes have reshaped buyer behavior. The team also breaks down their current build-to-rent model, highlighting affordability-driven construction, stable cash flow projections, and why new construction continues to outperform aging rental stock in today’s market.

They also dive into the structure of the Florida Bootcamp itself—what attendees can expect over two days, from classroom-style learning and migration data analysis to on-site property tours and one-on-one strategy sessions. The episode emphasizes the Norris Group’s hands-on approach, including vetted land acquisition, funds control protections, and a fully managed construction and leasing process designed to reduce risk for investors.

Craig Evans is the CEO of The Norris Group, where he oversees investment strategy, development projects, and investor education initiatives focused on real estate opportunities in high-growth markets like Southwest Florida. Douglas Brooke Holmes is part of the leadership team at The Norris Group, contributing to development oversight, operations, and investor relations. Joey Romero is a host and representative of The Norris Group Podcast, focused on delivering insights from industry leaders and market experts.

RADIO SHOW EPISODE

In this episode:

• Joey introduces the Norris Group Podcast and sets up the discussion on the Florida Bootcamp

• Overview of the upcoming Florida Bootcamp and why it is being relaunched

• Breakdown of Florida migration trends: domestic slowdown vs. continued international inflows

• Impact of remote work, hurricanes, insurance shifts, and rising home prices on migration patterns

• Why Florida’s population continues to grow despite a “migration boom slowdown”

• How migration is driving long-term rental demand in the state

• Introduction to the “1515 model” build-to-rent strategy

• Breakdown of project costs, land acquisition, construction pricing, and rental assumptions

• Expected cash flow, NOI, and cap rate (~5.12%) and why appreciation is treated as upside only

• Discussion of affordability as the core strategy shift in today’s market

• Why new construction reduces risk (no rehab, no inherited tenants, predictable costs)

• Comparison of Florida investment model vs. BRRRR strategy

• Role of funds control, insurance partners, and vetted land acquisition

• Overview of build timelines: permitting (~45–65 days after process starts) and construction (~7 months after permit in conservative estimates)

• Rental absorption expectations (typically 30–60 days when priced correctly)

• Bootcamp structure: classroom education, field tours of build sites, and one-on-one investor meetings

• Who this strategy is for: active investors, W-2 professionals, and 1031 exchange participants

• Pricing, discounts for spouses/partners, and rebate option for investors who build

• Q&A discussion covering insurance stability, permitting timelines, ADUs, lot types, and competition

• Final thoughts on Florida wealth migration, economic growth drivers, and long-term demand outlook

Episode

Narrator:
Welcome to the Norris Group Real Estate Podcast, a show committed to bringing you insights from thought leaders shaping the real estate industry. In each episode, we'll dive into conversations with industry experts and local insiders, all aimed at helping you thrive in an ever-changing real estate market, continuing the legacy that Bruce Norris created, sharing valuable knowledge, and empowering you on your real estate journey. Whether you're a seasoned pro or a newcomer, this is your go-to source for insider tips, market trends, and success strategies.

Joey Romero:
Hello, everybody, this is Joey Romero with the Norris Group, and alongside me, across the country, is Craig Evans, CEO of the Norris Group and Douglas Brooke Holmes, and D.B. Alcott also. So I’ll give you a quick minute to introduce yourself.

All right, so what we’re gonna do is I’m gonna go through this presentation and then we’ll open it up for questions at the very end.

We’re here to talk about the bootcamp and why we’re doing it.

We just had the Beyond Uncharted event in Ontario, and a lot of questions I was getting were about Florida, insurance, and the bootcamp.

What we’re seeing is that numbers are penciling pretty close to 2019 levels, which is interesting given everything that’s happened since the pandemic.

So let’s go through it. We’re going to talk about migration, the market, and the bootcamp.

Domestic migration has collapsed since 2022, but there is a silver lining: international migration is filling part of that gap, and Florida still leads population growth nationally.

Remote work, hurricanes, insurance increases, and rising home prices all slowed migration.

Insurance has stabilized again, especially for new builds. Florida is now in a more normal market cycle. Migration is slower, but still positive. Population is about 23.5 million and expected to exceed 25 million by 2030.

Migration drives rental demand. More people are renting longer before buying.

Craig, if you want to take over, this is the 1515 model.

Craig Evans:
Yeah, the 1515 model is something we use a lot in our fund. It’s a strong rental product.

We price the sticks and bricks at about 219K. Land is budgeted at around 35K.

We use funds control, meaning all money goes through escrow and payments go directly to trades. It protects investors.

We also now include the cost of vetting land because we physically inspect and evaluate lots.

Total capital outlay is about 259,800.

Current rents average about 1,900 per month for the 3/2, two-car garage model.

Taxes and insurance combined are about 516 per month.

That results in a net operating income of about 1,126 per month.

That gives a cap rate of around 5.12%.

It’s not about chasing extreme returns — it’s about stability and consistency.

We don’t include appreciation in the model. That’s upside only.

Depending on the area, appraisal values can go up to around 305K, sometimes higher, but we keep underwriting conservative.

That creates roughly 14–15% equity at purchase.

We’ve actually improved from earlier years when we were closer to 10–11%.

This is really about affordability and workforce housing.

Joey Romero:
Right — this is not a flip strategy.

This is long-term, stable workforce housing.

Affordable product is what’s moving right now.

If it’s priced correctly, it sells or rents quickly.

We’re seeing California migration drop while Florida continues to grow.

Rental demand remains strong.

What stops people is usually comfort — they don’t know the builder or system.

That’s where the Norris Group comes in. We quarterback the entire process.

Craig Evans:
Exactly. We’ve built over 200 homes.

We manage the builder, property managers, insurance partners, and the entire process.

Day one of the bootcamp is classroom learning — migration, markets, risks, pricing, and construction.

Day two is site visits. We take you to actual build sites so you can see homes in different stages — from slab to finished product.

Then we do one-on-one meetings so you can ask questions, review portfolios, or decide next steps.

Joey Romero:
This is for investors who are ready to deploy capital or are transitioning from W-2 income into investing.

We also work with 1031 exchange investors.

The bootcamp is May 15–16. It costs $995 per person, and $500 for a spouse or partner.

Returning attendees get discounted pricing.

There’s no pressure to build immediately — everything is on your timeline.

Q&A SECTION

Joey Romero:
Insurance in Florida was disrupted after hurricanes like Ian and Helene, but the market has stabilized.

New construction is easier to insure because of updated building codes and hurricane standards.

Craig Evans:
Permitting has dropped significantly year over year — about 43% lower.

That means fewer new homes in the pipeline and less future competition.

Right now, permits take about 63–65 days.

We often start permitting before land closing to speed up timelines.

Joey Romero:
We are focused on Southwest Florida — mainly Cape Coral, with possible expansion into Lehigh Acres.

Craig Evans:
Build time after permits is about 7 months conservatively.

Rent-up typically happens within 30–60 days depending on pricing.

If priced correctly, they move quickly.

Joey Romero:
This is a scattered lot model — not a master-planned community.

That means no direct community-wide competition and more flexibility in location selection.

Craig Evans:
Cape Coral and Lehigh still have tens of thousands of vacant lots.

It’s a very unique market compared to most of the country.

ADUs generally are not allowed or don’t make sense due to density rules.

Most lots use septic systems, which is standard in these areas.

Joey Romero:
All costs are included in the build pricing. There are no hidden fees after the fact.

We are not currently expanding this program outside of Southwest Florida.

Craig Evans:
Florida continues to lead the nation in wealth migration.

Billions in high-net-worth income are moving into the state.

This drives jobs, housing demand, and long-term growth.

Joey Romero:
If you build two homes, your bootcamp cost is rebated into the build.

Essentially, the education becomes free if you execute.

Some people attend just for education and choose different strategies afterward — and that’s fine.

Craig Evans:
We’re excited to grow these events again.

There’s strong demand from investors wanting clarity on how to invest in today’s environment.

Narrator:
For more information on hard money loans, trust deed investing, and upcoming events with the Norris Group, visit thenorrisgroup.com. For passive investing through the DBL Capital Real Estate Investment Fund, visit dblcapital.com.

The Norris Group originates and services loans in California and Florida under the California DRE License 01219911, Florida Mortgage Lender License 1577, and NMLS License 1623669.